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GROUP
FINANCIAL
REVIEW

1.3 Profitability Year ended 31 December

Total revenue 2015 2014 Incr/(Decr)
Operating expenses $m
Other income $m $m %
Profit from operations 2,444.3
Finance income (2,048.6) 2,387.2 57.1 2.4
Finance expenses (1,957.1) 91.5 4.7
45.6 (1.0) (2.2)
Non-operating income 441.3 46.6 (35.4) (7.5)
Share of loss of associate (net of tax) 476.7 0.0 3.0
Profit before taxation 2.0 (4.8) (21.2)
Taxation (17.8) 2.0 (30.6) (6.7)
Profit for the year 425.5 (22.6) 15.0
15.0 456.1 (0.3) –
EBITDA (0.3) (15.9) –
Service revenue 440.2 – (17.7) (3.5)
EBITDA as a % of service revenue (67.9) – (20.7)
372.3 456.1 1.8 0.5
Profit from operations decreased $35.4 million or 7.5% to (85.6)
$441.3 million when compared to 2014, impacted by the lower 370.5
service revenue and increased operating expenses.
712.7 747.9 (35.2) (4.7)
EBITDA for 2015 was lower by $35.2 million or 4.7% to 2,216.0 2,217.5 (1.5) (0.1)
$712.7 million. As a percentage of service revenue, EBITDA 32.2% 33.7%
margin was 32.2% in 2015, down from 33.7% last year. -1.6% pts

Finance income maintained at $2.0 million in 2015, while Profit before taxation at $440.2 million was boosted by a
finance expenses at $17.8 million was $4.8 million or 21.2% lower non-operating income of $15.0 million, being gain from the
compared to 2014 which had higher financing expenses for deconsolidation of SHINE Systems Assets Pte. Ltd. (SSAPL)
new bank loan facilities taken. in 3Q-2015.

Compared to 2014, taxation in 2015 was $17.7 million or 20.7%
lower at $67.9 million as the tax expense for the current year’s
taxable profits was reduced by adjustments for prior periods’
group tax relief benefits. Excluding this adjustment, the Group’s
effective tax rate was approximately 18% (excluding the gain
on deconsolidation of a subsidiary), due mainly to certain
non-deductible expenses for tax purposes.

Profit for the year was $1.8 million or 0.5% higher YoY at
$372.3 million.